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From partnerships to side gigs, who really owes self-employment taxes?

From partnerships to side gigs, who really owes self-employment taxes?

Explore the impact of a recent legal shift that broadens the scope of self-employment taxes, including limited partners and gig workers. Learn how everyday activities could land you in the self-employment tax bracket and how to avoid potential penalties.
Business transition planning: What is an ESOP and when is it the right choice?

Business transition planning: What is an ESOP and when is it the right choice?

Is an ESOP right for your business transition? Join RSM's webcast for insights on planning and benefits.
Decoding income definitions: AGI, MAGI, and taxable income explained

Decoding income definitions: AGI, MAGI, and taxable income explained

Navigating the U.S. tax system can be complex, particularly when understanding critical concepts like Adjusted Gross Income (AGI), Modified Adjusted Gross Income (MAGI), and Taxable Income. These definitions impact your tax liability and eligibility for various deductions and credits, playing a pivotal role in financial planning. Empower yourself with the knowledge to make informed tax decisions by decoding these essential terms in our latest article.
Strengthen Your Financial Plan: A 6-Step Checklist

Strengthen Your Financial Plan: A 6-Step Checklist

Find out how to stay financially prepared for any situation with six essential steps, from building an emergency fund to estate, tax, and investment planning.
Streamline 1099 Reporting: Tips for a Smooth Filing Season

Streamline 1099 Reporting: Tips for a Smooth Filing Season

Confused about who needs a 1099 and which form applies? You’re not alone. This quick guide cuts through the chaos so you can handle your 1099s with confidence.
How consumer businesses can prepare for higher tariffs

How consumer businesses can prepare for higher tariffs

As consumer products companies look to a new Trump administration, higher tariffs are most likely on the way. Businesses that prepare now, even as they wait for the tariffs to take shape, will be better positioned to maximize their margins.
Global economic outlook for 2025: Modest growth amid trade tensions

Global economic outlook for 2025: Modest growth amid trade tensions

Global growth in 2025 will expand at a modest 2.5% pace as the sluggish recovery from the pandemic continues, according to our forecast.
Charitable giving: Planes, boats and automobiles

Charitable giving: Planes, boats and automobiles

Substantiating charitable contributions of planes, boats, and automobiles differ from other types of non-cash gifts.
Don’t let payroll taxes derail your business

Don’t let payroll taxes derail your business

Navigating the complexities of payroll taxes is a daunting task for small business owners, fraught with challenges like worker misclassification and ever-changing regulations. This article explores common pitfalls and offers actionable strategies to ensure compliance, protect your business from penalties, and maintain employee trust. Dive in to discover how you can streamline your payroll processes and focus on growing your enterprise.
Business structure and entity choice: Keys to a complex decision

Business structure and entity choice: Keys to a complex decision

Choosing the right business structure and entity is crucial for private company owners, with implications for cash flow, taxes and strategic foresight.
Avoid underpayment penalties: make a payment by January 15th

Avoid underpayment penalties: make a payment by January 15th

Learn how to keep abreast of your tax payments and avoid rising underpayment penalties that can quickly snowball. Discover strategies that can help you dodge unnecessary costs.
Corporate Transparency Act under scrutiny: key developments and implications

Corporate Transparency Act under scrutiny: key developments and implications

The Corporate Transparency Act (CTA) is facing significant legal challenges, leading to a temporary halt in its enforcement. This development has created uncertainty for businesses that are required to disclose beneficial ownership information. Learn about the court ruling and how to navigate the evolving situation.
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  • Johnson & Sheldon, PLLC
    Amarillo Location
    500 S Taylor St Suite 200
    Amarillo, TX 79101

    Phone: 806-371-7661
    Fax: 806-371-0529
    Email: ebaten@amacpas.com

    Johnson & Sheldon, PLLC
    Pampa Location
    2004 N. Hobart
    Pampa, TX 79065

    Phone: 806-665-8429
    Fax: 806-665-8804
    Email: blewis@amacpas.com

    Johnson & Sheldon, PLLC
    Hereford Location
    119 E 4th St
    Hereford TX 79045

    Phone: 806-364-4686
    Fax: 806-364-0826
    Email: khollingsworth@amacpas.com

    AICPA
    Texas CPA Certified Public Accountant

    We are clients of the RSM Professional Services+ Practice. As a client, we have access to the Professional Services+ Collaborative, a globally connected community that provides access to an ecosystem of capabilities, collaboration and camaraderie to help professional services firms grow and thrive in a rapidly changing business environment. As a participant in the PS+ Collaborative, we have the opportunity to interact and share best practices with other professional services firms across the U.S. and Canada.